A new Convention of States Action/Trafalgar poll is making waves and could result in new restrictions on how members of Congress trade stocks.
According to the poll, over 75% of Americans say members of Congress should not trade stocks while serving in Congress. Their position on key regulatory committees gives them an unfair advantage, and that's likely how our "representatives" get so rich while "serving."
“In an era of hyper-partisanship, voters in all parties agree that Members of Congress should not be enriching themselves using ‘insider information’ while serving the people. Congress has a history of passing laws that make it appear as if they are behaving ethically, while continuing to do things that are not honest nor ethical. This issue has received a lot of attention, and this data verifies the American people want this practice to end once and for all,” said Mark Meckler, President of Convention of States Action.
It's no wonder Americans feel this way. Nancy Pelosi's husband made millions last year betting on Amazon just a few weeks before the Pentagon announced that it would move from Microsoft to Amazon cloud services for a defense initiative.
When asked whether Pelosi would support a ban on stock trading, she refused.
“We’re a free-market economy,” Pelosi said. “They should be able to participate in that.”
Just this week, Insider reported that 54 members of Congress failed to properly disclose their financial transactions.
When asked whether he would support a ban on stock trading, Rep. Hakeem Jeffries (D-NY) — who many see as Pelosi's successor as House Speaker — refused to commit.
“I’m unfamiliar with the legislation, it hasn’t been presented to me, nobody has talked to me about it. And of course I’m open to having any conversations with any members,” Jeffries said, adding that Democrats “certainly aren’t going to be lectured on ethics by Kevin McCarthy of all people.”
Now, some members of Congress are looking to pass such a ban. According to a report from The Hill, Senator Josh Hawley has introduced legislation banning congressional lawmakers and their spouses from maintaining stock holdings or making new transactions while in office.
The current push for stricter regulations comes after a Trafalgar Group survey commissioned by the conservative advocacy group Convention of States Action found that 76 percent of voters believe lawmakers and their spouses have an “unfair advantage” in the stock market. Only 5 percent of those polled approved of members of Congress trading stocks, and 19 percent said they do not have an opinion.
Of course, this should have been done years ago. Americans are livid that their "public servants" get rich based on insider knowledge, and the current penalties for that behavior aren't strict enough.
It's unclear whether any of these bills will pass. Some members of Congress are willing to buck the system, but most are content to maintain the status quo. That's why we need a more powerful solution, and we've found one in Article V of the Constitution.
An Article V Convention of States is called and controlled by the states and has the power to propose constitutional amendments. These amendments can limit the power, scope and jurisdiction of the federal government and place real, permanent limitations on federal officials.
Millions of Americans have voiced their support, and 15 states are on board. To join the movement to rein in federal power, sign the petition below!